How shortage of bungalows means over-55s can’t downsize

A CHRONIC shortage of bungalows has left more than half a million over-55s trapped in large houses, a report says.

While one in six homes built in the 1980s were bungalows, the figure is now less than one in 60.

With older homeowners unable to find smaller homes to move into, this has contributed to a shortage of houses for families looking for more space, according to campaign group the Home Owners Alliance.

There are 11.4million homeowners aged 55 and over, many of whom are keen to downsize and sell off the family home after their children have flown the nest.

Many also want to free up cash to improve their lifestyle in retirement.

About one in five homeowners have considered moving over the past two years but did not, the report found.

Three in ten chose not to because of the stress and upheaval, while 23 per cent ultimately decided they did not want to move away from their neighbours.

But another 23 per cent – more than 500,000 – said a lack of suitable housing was their main reason for not moving.

The shortage has helped to push up prices, with the average three-bedroom bungalow now costing £296,124 – around £40,000 more than the average three-bed home, according to Rightmove.

Katherine Binns, of the Home Owners Alliance, said: ‘We need to ensure that more homes are being built to suit older people, in order to allow them to move and free up the larger homes for growing families.’